Marcho Partners LLP Cuts Stake in Spotify Technology S.A. (NYSE:SPOT)

Marcho Partners LLP trimmed its holdings in Spotify Technology S.A. (NYSE:SPOT) by 24.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 44,028 shares of the company’s stock after selling 14,370 shares during the quarter. Spotify Technology makes up about 5.3% of Marcho Partners LLP’s portfolio, making the stock its 8th biggest position. Marcho Partners LLP’s holdings in Spotify Technology were worth $19,697,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC purchased a new stake in Spotify Technology in the 4th quarter valued at about $1,335,575,000. State Street Corp boosted its holdings in shares of Spotify Technology by 1.5% in the third quarter. State Street Corp now owns 1,997,323 shares of the company’s stock valued at $736,073,000 after purchasing an additional 28,864 shares during the period. Schroder Investment Management Group grew its stake in Spotify Technology by 0.4% in the fourth quarter. Schroder Investment Management Group now owns 1,912,937 shares of the company’s stock worth $855,810,000 after purchasing an additional 7,075 shares in the last quarter. GQG Partners LLC bought a new stake in Spotify Technology during the 4th quarter valued at $800,725,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after buying an additional 1,259,183 shares during the period. 84.09% of the stock is owned by institutional investors.

Spotify Technology Trading Down 9.9 %

NYSE:SPOT opened at $502.90 on Friday. The company has a market capitalization of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a 12 month low of $267.76 and a 12 month high of $652.63. The firm has a fifty day simple moving average of $583.28 and a 200-day simple moving average of $484.42.

Wall Street Analyst Weigh In

Several analysts recently weighed in on SPOT shares. Rosenblatt Securities restated a “neutral” rating and issued a $658.00 price objective (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Canaccord Genuity Group boosted their price target on shares of Spotify Technology from $650.00 to $700.00 and gave the company a “buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. increased their price objective on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research note on Wednesday, February 5th. China Renaissance started coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective on the stock. Finally, Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Nine research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $557.47.

Spotify Technology Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.